Prime Minister Narendra Modi and Canadian PM Mark Carney hailed the partnership across various sectors such as artificial intelligence (AI), defence, critical minerals, healthcare and people-to-people exchanges.
Both the countries also agreed to Comprehensive Economic Partnership Agreement (CEPA) as early as possible, PM Modi said while addressing a joint press conference in New Delhi on March 2.
“Today, we discussed transforming this vision into a next-level partnership. Our goal is to reach $50 billion in trade by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalise the Comprehensive Economic Partnership Agreement soon. This will create new investment and employment opportunities in both countries,” he said.
Both the leaders are also expected to meet the business leaders from both the nations. “Their suggestions will enhance our economic partnership,” Modi added.
India and Canada signed various memorandum of understanding (MoUs) across various sectors and industries such as critical minerals, space, energy, technology, defence and exchanging cultural ties.
Both the countries decided to establish the India-Canada Defence Dialogue to enhance defence industries, maritime domain awareness and military exchanges.
“We are natural partners in technology and innovation. With Canada and India innovation partnership, we will turn ideas into global solutions… We will enhance cooperation in AI, as well as quantum, supercomputing, and semiconductors,” PM Modi said.
New partnerships between several universities in AI, healthcare, agriculture, and innovation are being announced. We also agreed on Canadian universities opening campuses in India, he added.
Canadian PM Mark Carney said that there has been more engagement between the Canadian and Indian governments in the last year than there has been in more than two decades combined.
“This is not merely the renewal of a relationship. It is the expansion of a valued partnership with new ambition, focus, and foresight. A partnership between two confident countries charting our own course for the future,” Carney said.
He also highlighted India’s digital payments system and UPI stating that it has enormous benefits.
“The revolution in digital payments provide income support, crop insurance payments directly to individuals, but the spillover benefits are enormous. Part of our agreement is to explore an ability to cooperate further so that Canada benefits from this innovation,” he said.
